> For the complete documentation index, see [llms.txt](https://exchange-oval.gitbook.io/oval.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://exchange-oval.gitbook.io/oval.exchange/rules/funding.md).

# Funding

Whereas quarterly futures expire, perpetual futures have funding payments every 8 hours.&#x20;

If the perpetual is trading at a premium to the underlying index, long positions pay funding to the short positions. If the perpetual is trading at a discount to the underlying index, short positions pay funding to long positions.&#x20;